Journalists currently have been using their creative writing skills to describe iron ore trucks falling from the sky and the coming of an iron ore ice age . . . (which would assist any players seeking to re-enter on the cheap).
The facts: For the past 8 years China has imported in excess of 1 billion tonnes of iron ore, with 2023 being an all time record breaking year with 1.18 billion tonnes. For the first half of 2024 China imported 611 million tonnes, up 6.2% on the same period in 2023.
Some years ago I was at an informal gathering with several financial analysts who report in the Australian media. With beers in hand, I asked them what advice they had for me, they said "never believe a financial analyst because they all have their own agenda"
MGX Price at posting:
32.3¢ Sentiment: Buy Disclosure: Held
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